South Korea’s Opposition Party Pushes to Scrap 22% Crypto Tax Set for 2027
South Korea's main opposition People Power Party has proposed eliminating the planned 22% crypto income tax set to take effect in 2027. The party argues the current tax policy leads to double taxation and inconsistent treatment compared to other financial assets. The tax legislation, already postponed three times since 2022, would impose a 20% income tax plus local taxes on digital asset gains exceeding approximately $1,665. The proposal highlights concerns about regulatory challenges and administrative difficulties, particularly regarding non-resident foreigners. The ruling Democratic Party has acknowledged the proposal and stated it will be discussed. South Korea's crypto market was valued at roughly $63.4 billion as of mid-2025.
TheNewsCrypto03/19 14:54
